Morning Bites (part 1)

💍China’s jewellery retailers reported growth of 12-66% in LFL (same store) sales of gem-set jewellery in 1Q23. As such, Chow Tai Fook published 12% YoY growth in LFL sales of gem-set, platinum and K-gold jewellery in 1Q23. Sales in Mainland China were down 19% YoY, while HK and Macau sales roughly doubled (+99% YoY). Meanwhile, Luk Fook reported a 66% YoY increase in LFL gem-set jewellery sales in 1Q23. Although the retailer’s gem-set jewellery sales shrank 15% YoY in Mainland China, they jumped 88% YoY in HK and Macau. The overall dynamics were positive, following the easing of Beijing’s anti-Covid policies and the opening of HK's border with the Mainland in early February. To recap, China accounts for ~15% of global diamond jewellery retail sales. Hence, some recovery in Asia’s trading might be a moderately positive factor for rough diamond demand

#diamonds
https://metals-wire.com/sector/Diamonds